FUNDS 12.3.4

A Person proposing to act as a Trustee does not breach the prohibition in Section 113(1) of the FSMR merely by entering into a Trust Deed for the creation of an Investment Trust prior to obtaining a Financial Services Permission with the appropriate authorisations referred to in Section 114 of the FSMR. However, that Person must not carry out functions under the Trust Deed prior to obtaining that Financial Services Permission.